Signature Bank: Collections down 50 percent in rent-stabilized apartments

Signature Bank, which holds nearly $15 billion in multifamily loans, reported that rent collection from rent-regulated apartments has taken a beating. That contributed to the bank’s reporting net income for the first quarter of just $99.6 million, down from $143.5 million for the same period last year. Fourteen percent of Signature Bank’s $50 billion loan portfolio has asked for deferrals on payments. The bank is granting deferral of principal and interest for three months and

source https://therealdeal.com/2020/04/24/signature-bank-collections-down-50-percent-in-rent-stabilized-apartments/